The Shina sb dockyard was founded in 1946 and served as a major source of economic growth in Tongyeong, Korea. However, due to stagnation in the shipbuilding industry, the company began to experience a slowdown in business after 2010, eventually filing for bankruptcy on November 26, 2015. As a result, approximately 5,000 workers at the Shina sb dockyard and related businesses lost their jobs en masse, leading to 70% of residential units in the surrounding areas becoming vacant.